Case Brief
The Reserve Bank of India cancelled the registration certificate of Vasavi Financial Services Limited, Hyderabad, which had been surrendered on September 24, 2003. The entity was a non-banking financial institution, and RBI invoked Section 45-1A(6) of the RBI Act, 1934 for the cancellation. RBI also stated that the company is prohibited from accepting deposits from the public under Section 45 MB(1).
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Hyderabad, Telangana
- Order Date